Cryogenic Equipment Market to Reach $32.86 bn by 2028; Rising Investments in LNG Power Plants to Foster Market Development

The global cryogenic equipment market size is expected to exhibit strong growth by reaching USD 32.86 billion in 2028. Fortune Business Insights™ in its report titled “Cryogenic Equipment Market Size, Share & COVID-19 Impact Analysis, By Product (Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Hydrogen, Helium, and Others), By End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and Regional Forecast, 2021-2028” observes that the market size stood at USD 17.24 billion in 2020 and USD 18.06 billion in 2021. It is set to exhibit a CAGR of 8.9% during 2021 and 2028. Increasing investments in LNG power plants and rising focus on processing and manufacturing industries foster the growth of the market.  

Flowserve Corporation Provided Pfizer Vaccine Using Cryogenic Valve to Support COVID-19 Initiatives

Flowserve corporation provided the Pfizer vaccine with Corrosion Fluid Products in March 2021 to support COVID-19 efforts. With this development, the company shall expand its production capabilities. Further, Flowserve Cookeville, Tennessee plant provided Pfizer using approximately 200 Worcester cryogenic ball valves. This ball valve can handle the temperature requirements for the COVID-19 vaccine’s mass production. This strategy shall enable the company to boost its brand image.

Rising Demand for Clean Energy Source to Bolster Market Expansion

The rising demand for regasification, storage and transportation of clean energy is expected to boost cryogenic equipment’s demand. The rising demand for LNG fuels for automotive use is expected to increase these equipment’s sales. Further, significant investments in the petrochemical and chemical sectors are likely to boost market growth. Rising usage of refrigerators, pumps, vaporizers, valves, and oil tankers is likely to increase the demand for the equipment. The equipment increases the safety of the fuel and maintains safety. The rising demand for fuel storage and the rising adoption of renewable energy resources is likely to increase the equipment’s adoption. Moreover, it is also used in the healthcare sector to store blood, package medicines, and purge equipment. These factors are likely to drive the cryogenic equipment market growth.

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Major Players Set Up Facilities to Expand Market Reach Globally

Prominent companies operating in the company set up manufacturing facilities to expand their market reach worldwide. For example, Lide declared that it had set up a novel on-site manufacturing plant in Qinzhou, China, in July 2021. The company shall supply industrial gases and oxygen to Shanghai Huayi's new chemical complex by opening up the plant. The manufacturing plant comprises three air separation units designed to supply 5,000 tons of nitrogen and 7,500 tons per day of oxygen. This strategy may enable the company to expand its market reach. In addition, the adoption of research and development may enable companies to improve their product quality and boost their brand image.

Industry Development

• March 2020: EIGA revised Doc 87/07 to provide additional cryogenic transport tanks’ hydrocarbon contamination prevention measures.

LIST OF KEY COMPANIES PROFILED IN THE REPORT:

• Chart Industries, Inc. (U.S.)


• Cryofab, Inc. (U.S.)


• Linde (Germany)


• Nikkisso Cryoquip (U.S.)


• Nikkiso Co. Ltd (Japan)


• SHI Cryogenics Group (Japan)


• HEROSE GMBH (Germany)


• Wessington Cryogenics (U.K.)


• Cryo Pur (France)


• INOXCVA (INOX India Pvt Ltd) (India)


• Sulzer (Switzerland)


• Schlumberger (U.S.)


• Flowserve Corporation (U.S.)


• Fives (France)


• Phpk Technologies (U.S.)


• Marshall Excelsior Company (U.S.)


• ACME Cryogenics (U.S.)


• RegO (U.S.)


• Habonim Industrial Valves & Actuators LTD (U.S.)

Further Report Findings

• The market in Asia Pacific stood at USD 6.00 billion in 2020 and is expected to gain the largest portion of the global cryogenic equipment market share. Increasing infrastructure investments and supportive government policies are likely to fuel cryogenic equipment adoption.


• Moreover, the rising popularity of renewable energy resources and rising demand for power are likely to boost cryogenic equipment’s demand. For example, the Asian Development Bank (ADB) decided to invest in energy projects worth USD 1 billion in December 2019. These factors are likely to boost market expansion.


• According to cryogen type, the liquefied natural gas (LNG) segment is expected to hold the largest share because of its increasing adoption in processing, fueling, transportation, and storage. This factor is likely to fuel the market development.

Table of Segmentation